JD Sports reaches truce with former CEO, Unite disposes of six properties in Aberdeen

Stocks to watch

JD Sports said on Wednesday that it had agreed to a truce with former chief executive Peter Cowgill, including a non-compete and consultancy deal that will see him receive £5.5m in addition to his salary package up to his departure in May and a 12 month notice period.

Cowgill was unceremoniously dumped from the company he helped build into a multi-national leisure and sportswear chain after shareholders raised concerns about his bonuses and reluctance to split the roles of chairman and chief executive.

Student accommodation provider Unite Group has disposed of a portfolio of six properties in Aberdeen for £33.0m, in line with prevailing book value and reflecting a passing net operating income yield of 6.0% for the 2022-23 academic year.

Unite Group said on Wednesday that it had sold the portfolio, which was made up of 1,050 beds, to Clearbell Property Partners III, a fund managed by Clearbell Capital.

Newspaper round-up

Jacob Rees-Mogg is expected to announce a cap on energy prices for businesses that would cut the rates they pay by up to half this winter. The business secretary will outline support on Wednesday for companies, charities and public sector organisations for six months from 1 October, after Liz Truss said they would receive equivalent help to households whose costs are being capped. – Guardian

Nearly 11.0m people are now behind on their bills while more than 5.0m have gone without food, according to new research that reveals Britons are skipping meals "just to keep the lights on". An estimated 20% of UK adults, or 10.9m people, are behind on one or more household bill – up by 3.0m since March – according to the Money Advice Trust report. – Guardian

The number of millionaires in Britain surged ahead of those in France and Germany last year as a property boom and rebounding stock markets sent wealth levels surging. The UK is host to 2.85m people with a net wealth of more than $1.0m (£877,000), according to Credit Suisse's annual Global Wealth Report, putting the country behind only US, China and Japan. – Telegraph

The City regulator is rejecting a greater number of applications from financial firms wanting to do business in Britain as it adopts a more rigorous approach after a series of scandals. The Financial Conduct Authority said its increased level of scrutiny meant a marked increase in businesses being blocked from authorisation. – The Times

MPs have demanded that the government's first "mini-budget" be accompanied by independent forecasts on the state of the public finances as the chancellor prepares to announce tens of billions in extra borrowing and tax cuts. The Treasury select committee has written to Kwasi Kwarteng asking that the Office for Budget Responsibility be asked to provide an independent assessment of the debt and deficit in Friday's "fiscal statement", which will be made by the chancellor in the Commons. – The Times

US close

Wall Street stocks finished below the waterline on Tuesday, as market participants turned their attention to the Fed's looming interest rate decision.

At the close, the Dow Jones Industrial Average was down 1.01% at 30,706.23, as the S&P 500 lost 1.13% at 3,855.93 and the Nasdaq Composite was off 0.95% at 11,425.05.

Reporting by Iain Gilbert at Sharecast.com